Investors looking for a strong return on their money may be interested in the opportunity presented by the sale of a high-profile gym premises in Drumcondra, Dublin 9.
The property, which is leased to Flyefit, is being offered to the market by agent Cushman & Wakefield at a guide price of €1.8 million. Should a sale proceed at that level, the new owner would be in line for a net initial yield of 6 per cent after standard purchaser’s costs of 9.96 per cent.
The property, just off Upper Drumcondra Road, comprises three interconnected units extending to a total floor area of 1,600sq m (17,222sq ft). The gym’s exercise area is complemented by changing rooms and shower facilities along with staff facilities and plant/storage areas.
The property is leased to Flyefit Eight Ltd with Flyefit Group Ltd acting as the guarantor, on a 20-year lease from March 2017 (Expiry March 2037) at an annual rent of €120,000. The lease includes stepped rent reviews, increasing to €160,000 a year in 2027 and €210,000 a year in 2032. Flyefit has operated in Ireland for more than 14 years and has 21 gyms across the country. The company had a turnover of €27.5 million in 2023 and net assets of €16.7 million.
RM Block
Peter Love and Ryan Murphy of Cushman & Wakefield say: “This is an opportunity to acquire an investment with an exceptional covenant in a thriving and vibrant north Dublin suburb.”
